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U.K. CBI realized sales rise unexpectedly in October

Published 10/27/2011, 06:07 AM
GBP/USD
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Investing.com – Retail sales in the U.K. rose unexpectedly in October, industry data showed on Thursday.

In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose by four points to minus 11.0 in October from a reading of minus 15.0 in September.

Analysts had expected the index to hold steady at minus 15.0.  

On the index, a reading above zero indicates higher sales volume, below indicates lower. 

The volume of sales was poor for the time of the year, minus 34.0, and was the lowest since May 2009.

Looking ahead to next month, sales volumes are expected to increase very modestly.

Commenting on the report, Chair of the CBI Chief Economic Advisor Ian McCafferty said, “High street sales remain difficult but the decline has stabilized, and retailers expect there to be some very modest growth next month in the build-up to Christmas.”

He added that, "Family budgets continue to be stretched because of a combination of high inflation, low wage growth and soaring unemployment, so consumer confidence is severely dented.”

Following the release of the data, the pound was modestly higher against the U.S. dollar, with GBP/USD easing up 0.1% to trade at 1.5991.

Meanwhile, European stock markets were sharply higher. The FTSE 100 jumped 2.35%, the EURO STOXX 50 surged 4.2%, France’s CAC 40 rallied 4.15%, while Germany's DAX soared 3.95%.


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